If you are told that the blue cheese market on the moon is a monopoly, you would know that there
a. is only one seller of the blue cheese produced on the moon
b. is only one buyer of the blue cheese produced on the moon
c. is only blue cheese on the moon
d. are close substitutes for blue cheese on the moon
e. are only a few producers on the moon
A
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In recent years, the prices of new domestically produced cars have been falling. Suppose consumers respond by reducing their demand for used cars and mass transport services such as bus travel
This information suggests that the cross-price elasticity between new cars and used cars, and the cross-price elasticity between new cars and bus travel, are negative. Indicate whether the statement is true or false
A shift of the MP curve ________
A) implies an automatic adjustment of the interest rate B) implies a direct policy action of the Federal Reserve C) does not alter the relationship between inflation and the interest rate D) all of the above E) none of the above